Discounted Cash Flow (DCF) Analysis Levered
Corning Incorporated (GLW)
$32.85
+0.19 (+0.58%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
Revenue | 11,290 | 11,503 | 11,303 | 14,082 | 14,189 | 15,093.34 | 16,055.32 | 17,078.62 | 18,167.13 | 19,325.02 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 2,919 | 2,031 | 2,180 | 3,412 | 2,615 | 3,183.40 | 3,386.30 | 3,602.13 | 3,831.71 | 4,075.92 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -2,310 | -1,987 | -1,377 | -1,637 | -1,604 | -2,198.99 | -2,339.14 | -2,488.23 | -2,646.81 | -2,815.51 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 609 | 44 | 803 | 1,775 | 1,011 | 984.42 | 1,047.16 | 1,113.90 | 1,184.89 | 1,260.41 |
Weighted Average Cost Of Capital
Share price | $ 32.85 |
---|---|
Beta | 1.068 |
Diluted Shares Outstanding | 844 |
Cost of Debt | |
Tax Rate | 26.77 |
After-tax Cost of Debt | 3.10% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 8.423 |
Total Debt | 6,911 |
Total Equity | 27,725.40 |
Total Capital | 34,636.40 |
Debt Weighting | 19.95 |
Equity Weighting | 80.05 |
Wacc |
Build Up Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
Revenue | 11,290 | 11,503 | 11,303 | 14,082 | 14,189 | 15,093.34 | 16,055.32 | 17,078.62 | 18,167.13 | 19,325.02 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 2,919 | 2,031 | 2,180 | 3,412 | 2,615 | 3,183.40 | 3,386.30 | 3,602.13 | 3,831.71 | 4,075.92 |
Capital Expenditure | -2,310 | -1,987 | -1,377 | -1,637 | -1,604 | -2,198.99 | -2,339.14 | -2,488.23 | -2,646.81 | -2,815.51 |
Free Cash Flow | 609 | 44 | 803 | 1,775 | 1,011 | 984.42 | 1,047.16 | 1,113.90 | 1,184.89 | 1,260.41 |
WACC | ||||||||||
PV LFCF | 854.07 | 846.22 | 838.45 | 830.74 | 823.11 | |||||
SUM PV LFCF | 4,501.17 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 7.36 |
Free cash flow (t + 1) | 1,285.62 |
Terminal Value | 23,985.50 |
Present Value of Terminal Value | 16,816.53 |
Intrinsic Value
Enterprise Value | 21,317.70 |
---|---|
Net Debt | 5,240 |
Equity Value | 16,077.70 |
Shares Outstanding | 844 |
Equity Value Per Share | 19.05 |